OPTAX Oppenheimer Rochester Amt-Free Municipals Class A (MM)

The law firm of Milberg LLP has filed a class action lawsuit in the United States District Court for the District of Colorado on behalf of all persons who purchased Class A and/or Class B and/or Class C shares of the Oppenheimer AMT-Free Municipals Fund ("AMT-Free Fund" or the "Fund") (NASDAQ: OPTAX) (NASDAQ: OTFBX) (NASDAQ: OMFCX) during the period from May 13, 2006 to October 21, 2008, inclusive (the "Class Period"). The complaint is available from the Court or can be viewed at Milberg LLP's website at www.milberg.com.

The complaint charges OppenheimerFunds, Inc., OppenheimerFunds Distributor, Inc., the Fund and certain of its trustees and officers with violations of Sections 11, 12(a)(2), and 15 of the Securities Act of 1933, which prohibit materially false and misleading statements in registration statements and prospectuses of the kind used to sell shares in the Fund. The Fund invests primarily in municipal securities.

According to the complaint, during the Class Period the Fund failed to disclose risk factors associated with the Fund's investments, including, but not limited to: (1) the Fund's investments in "inverse floater" securities that exposed it to the risk that it would be forced to sell, upon certain occurrences relating to the inverse floater securities, other securities in its portfolio at fire-sale prices. This amounted to hundreds of millions of dollars in undisclosed potential liabilities; and (2) the Fund's overconcentration of investments in illiquid securities in violation of its cap of 15% by investing in illiquid tobacco bonds and ordinary municipal bonds/notes that could turn illiquid quickly.

On October 21, 2008, the Fund filed a prospectus supplement alerting investors of the true liquidity risks of its investments -- the same risks that existed in 2006, 2007 and throughout 2008. By October 2008, however, those risks had already manifested, dealing substantial losses to investors. On October 21, 2008, AMT-Free Fund shares traded at approximately $5.96 per share, down from $8.93 per share at the beginning of the year, an approximate 33.3% decline per share for the year. The AMT-Free Fund was among the worst performing in its peer group.

According to the complaint, after the end of the Class Period, the AMT-Free Fund belatedly disclosed liabilities and residual exposure from the inverse floaters, which investors were not previously told about. On December 18, 2008, the AMT-Free Fund reported in its Quarterly Schedule of Portfolio Holdings for the period ending October 31, 2008, filed on Form N-Q with the SEC ("October 31, 2008 Form N-Q"), that the amount of its exposure to the effects of leverage from its investments in inverse floaters exceeded $240.7 million as of October 31, 2008. In addition, the AMT-Free Fund also reported that its municipal bond holdings with a value of approximately $402.4 million were held by Trusts created by the inverse floaters and served as collateral for approximately $324.1 million in short-term floating rate notes issued and outstanding at that date, and its residual exposure to the inverse floating rate securities was estimated at nearly $218.7 million. The massive liabilities and exposure of more than $500 million were not disclosed in any Registration Statements issued during the Class Period.

If you purchased any class of shares of Oppenheimer AMT-Free Municipals Fund from May 13, 2006 to October 21, 2008, you may move the court no later than July 13, 2009, and request that the Court appoint you as lead plaintiff. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. To be appointed lead plaintiff, the Court must decide that your claim is typical of the claims of other class members, and that you will adequately represent the class. Your share in any recovery will not be enhanced or diminished by the decision whether or not to serve as a lead plaintiff. You may retain Milberg LLP, or other attorneys, to serve as your counsel in this action.

Milberg LLP has been representing individual and institutional investors for nearly 40 years and serves as lead counsel in federal and state courts throughout the United States. Please visit the Milberg website (http://www.milberg.com) for more information about the firm. If you wish to discuss this matter with us, or have any questions concerning your rights and interests with regard to this matter, please contact the following attorneys:

Andrei Rado, Esq. Anne Marie Vu, Esq. Milberg LLP One Pennsylvania Plaza, 49th Fl. New York, NY 10119-0165 Phone number: (800) 320-5081 Email: contactus@milberg.com Attorney Advertising. Prior Results Do Not Guarantee A Similar Outcome.